The ranking is part of WEF's 2017 Travel and Tourism Competitiveness Report, which places 136 countries in order.
According to the data provided for Latvia, based on 2015 figures, the country recorded just over 2 million visitors and generated revenues of nearly $900m, putting it in the category of countries who manage to attract a greater number of visitors than their actual population.
Travel and tourism accounted for just over 4% of Latvian GDP and gave employment to 36,500 people.
Latvia did particularly well for environmental sustainability, ranking 13th.
Its overall score was unchanged and its ranking also showed no great fluctuation: in the previous report released in 2015 Latvia was 53rd out of 141 countries surveyed rather than 54th out of 136 this time around.